JERSEY CITY, N.J. On October 8th, / PRNewswire / -- WallachBeth Capital LLC indicates that biotechnology company bioAffinity Technologies, Inc (Nasdaq codes: BIAF, BIAFW), has reached a final agreement with an institutional investor to sell common shares at a price of $6.122 per share (or in exchange for pre-financing warrants), with the warrants priced at $6.115 each. This is a registered direct offering priced at the market value in accordance with Nasdaq rules.
In addition, during the private placement that is taking place simultaneously, the company will also sell warrants, with the option to purchase up to a total of 980,072 ordinary shares at an exercise price of $6.122 per share. The exercise price for the pre-financing warrants is $0.007 per ordinary share; the exercise price for the aforementioned warrants is $6.122 per share, and they can be exercised upon shareholder approval, with expiration occurring five years after the date of shareholder approval. The transaction is expected to be completed around October 9, 2026, provided that customary delivery conditions are met.
WallachBeth Capital and LLC act as the exclusive placement agents for this issuance.
The company estimates that the total funds raised from this issuance, before deducting the placement agency fees and other issuance expenses that the company is required to pay, will be approximately $4 million. The company plans to use the net proceeds for working capital, to support the expected growth in sales of its non-invasive lung cancer detection product CyPath ® Lung, as well as for general corporate purposes.
The aforementioned common shares were issued by the company in accordance with the Form 10 registration statement (document number 333-275608) previously submitted to the U.S. Securities and Exchange Commission (SEC) and which came into effect on November 27, 2023. The issuance of these common shares was conducted solely through a prospectus, which includes supplementary documents to the prospectus that form part of the valid registration statement. The supplementary documents to the prospectus describing the terms of the proposed direct offering, along with the accompanying prospectus, will be submitted to SEC. Electronic versions of the supplementary documents to the prospectus and the accompanying prospectus can be obtained after they become available at the SEC website at https :// www.sec.gov, or by contacting WallachBeth Capital, LLC ([email protected]), by telephone at +1-646-237-8585, or by mail to WallachBeth Capital LLC, Attn : Capital Markets, 185 Hudson St., Suite 1410, Jersey City, NJ 07311, USA.
This press release does not constitute an offer to sell or a solicitation for an offer to buy; in any jurisdiction where such an offer, solicitation, or sale would be illegal before registration or qualification requirements stipulated by the relevant securities laws, these securities will not be sold in that jurisdiction.
About WallachBeth Capital LLC:
WallachBeth Capital provides a wide range of capital market and investment banking services in the healthcare sector, connecting corporate clients with leading institutions to help issuers and investors achieve their financial goals. The company's experience includes initial public offerings (IPOs), subsequent offerings, PIPE financing, private placements, as well as ATM issuances.
Forward-looking Statements
Certain statements in this press release constitute “forward-looking statements” as defined by the federal securities laws. Words such as “may”, “might”, “will”, “should”, “believe”, “expect”, “anticipate”, “estimate”, “continue”, “predict”, “plan”, “intend”, and similar expressions that indicate intentions, beliefs, or current expectations are forward-looking statements. These forward-looking statements are subject to various risks and uncertainties, many of which are difficult to predict and may result in significant differences between actual results and the current expectations and assumptions expressed or implied in any forward-looking statement. Important factors that could lead to significant differences between actual results and current expectations include, but are not limited to, the company’s ability to complete the transaction as expected, as well as other factors discussed in the company’s annual report 10-K for the year ending December 31, 2025, and subsequent documents submitted to SEC, including subsequent periodic reports 10-Q and 8-K. Such forward-looking statements are based on facts and conditions existing at the time of the statement, as well as predictions regarding future facts and conditions. Although the company believes these forward-looking statements to be reasonable, readers are cautioned not to rely too heavily on any such statements. The information in this press release is only valid as of the date of issuance, and except as required by securities laws, the company assumes no obligation to update any forward-looking statements related to the matters discussed in this press release.
